VW to invest €10bn to make electric vehicles in Spain
German car maker Volkswagen AG plans to invest €10bn (roughly R166.3bn) to make electric vehicles and batteries in Spain, its CEO Herbert Diess said on Thursday.
“We will electrify the second-largest car producer in Europe with a new giga-factory of batteries and the production of electric cars in two plants and the creation of a full ecosystem of suppliers from lithium extraction to the assembly of batteries,” Diess told an event in Sagunto near Valencia.
The company will also set up a solar park with Spain's power utility Iberdrola to partly power its factory in Sagunto.
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